Prognosis Is an Exact Science

question 20

True/False

Prognosis is an exact science.

Differentiate between formal and informal (simple) contracts.

Comprehend the role and outcome of third-party beneficiary contracts through case studies.

Recognize the importance of "consideration" and its role in forming a valid contract.

Understand the implications of unilateral contracts and the necessity of performance for contract formation.

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Definitions:

Refuse to Renew

The decision not to extend a contract, agreement, or policy beyond its current expiration date.

Insurance Proceeds

The money received from an insurance claim, paid out by the insurance company to the policyholder or beneficiary.

Fraud on the Creditor

An act of deceit intended to keep assets from being claimed by creditors.

Life Insurance Policy

A contract between an insurer and a policyholder in which the insurer promises to pay a designated beneficiary a sum of money upon the death of the insured person.